Seven West swings the axe with job cuts

Seven West Media is understood to have swung the axe with up to 150 roles affected. Picture: NCA NewsWire / Nicki Connolly

Seven West Media is understood to have swung the axe on its workforce in the past week, with sources suggesting that up to 150 roles would be affected.

Sources say that the roles that are to go are across the wider business, with east coast staff impacted, particularly in areas like marketing and printing.

A Seven West Media spokesman declined to comment on the job cuts.

It comes after the departure of former chief executive James Warburton in April and commercial director Bruce McWilliam.

Job cuts have been on the cards for months at the Kerry Stokes-controlled media company that saw its half year net profit fall 52.6 per cent for the six months to December to $54m.

The business has been heavily affected by an industry-wide downturn in the advertising market, which has particularly affected free-to-air broadcasters.

The cuts equate to about 10 per cent of its overall workforce.

It comes as regional media companies fall under particular pressure to cut costs following tech giant Meta’s decision that it will not renew its financial agreements with publishers.

Pressure is also mounting on Seven’s rival, Nine Entertainment, to cut costs as Mike Sneesby’s position as chief executive remains under pressure following the emergence of bullying and harassment claims within the company.

It is understood that Nine is continuing to examine possible mergers and acquisitions angles as it searches for options for further earnings growth amid doubts streaming service Stan and property division Domain Group can deliver.

The understanding is that Nine is cutting an estimated $20m to $40m in costs from its business in a similar way to other media groups.

Some ideas earlier pitched included further cuts to regional television production hubs outside of Sydney, a cull of current affairs programs like 60 Minutes, although Nine’s top level management is believed to be facing fierce opposition surrounding any plans to cut the print business, once part of Fairfax.

Another option flagged is broadcaster WIN Network being folded into Nine to save money through synergies.